Blockchain applied to Law

Published: 30/07/2019

Before the information about Blockchain applied to Law is presented, it is interesting to explain what the technology is. It all started with the cryptocurrency bitcoin, which is basically a network that works as a blockchain, a distributed registration technology that aims for decentralisation as a security measure.

This network of chained blocks carries the content along with a kind of fingerprint and the next block will contain the fingerprint of the previous block and so on and so forth where each block will generate its own fingerprint which will be the result of the junction of the previous ones, it is also worth remembering that any change can be identified.

To summarise: it is basically a database that contains all the transactions that are executed on a given network and this database is distributed and shared having the function of creating a global index for all the transactions that take place in a given market. All this has served as inspiration for the creation of new cryptocurrencies and distributed databases.  

But how can this be applied to law?

An interesting application of blockchain is the use of technology to authenticate documents that today are performed by notaries, it is worth remembering that this does not exclude the need for notaries, it would be one more tool that would bring benefits. Registering in blockchain means verifying the authenticity of digital documents, contracts and people's identity in a safe, efficient and faster way.

It is also possible to make electronic contracts, where, by data processing, the contract can execute itself according to the will of the parties. when a contract is entered into by blockchain-based automation software the data of the parties and the lease are filled in automatically.

In addition it is possible to carry out data registration for offices and companies, register proofs of authorship and much more.

This is a topic that will be much discussed in the coming years, as it only tends to evolve as time goes by. It is not yet possible to identify how far this technology can go.